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12 U.S.C. § 1750b — Review of mortgagee performance and authority to terminate
Federal law — U.S. Code and appendices · legal_authorities
**(a) Periodic review of mortgagee performance** To reduce losses in connection with single family mortgage insurance programs under this chapter, at least once a year the Secretary shall review the rate of early defaults and claims for insured single family mortgages originated or underwritten by each mortgagee.
**(b) Comparison with other mortgagees** For each mortgagee, the Secretary shall compare the rate of early defaults and claims for insured single family mortgage loans originated or underwritten by the mortgagee in an area with the rate of early defaults and claims for other mortgagees originating or underwriting insured single family mortgage loans in the area. For purposes of this section, the term “area” means each geographic area in which the mortgagee is authorized by the Secretary to originate insured single family mortgages.
**(c) Termination of mortgagee origination approval**
(1) Notwithstanding [section 1708(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1708/c&num=0&edition=prelim), the Secretary may terminate the approval of a mortgagee to originate or underwrite single family mortgages if the Secretary determines that the mortgage loans originated or underwritten by the mortgagee present an unacceptable risk to the insurance funds. The determination shall be based on the comparison required under subsection (b) and shall be made in accordance with regulations of the Secretary. The Secretary may rely on existing regulations published before this section takes effect.
(2) The Secretary shall give a mortgagee at least 60 days prior written notice of any termination under this subsection. The termination shall take effect at the end of the notice period, unless the Secretary withdraws the termination n
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Source location: Title 12, Chapter 13, § 1750b; chapter-013-national-housing.md
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**(a) Periodic review of mortgagee performance** To reduce losses in connection with single family mortgage insurance programs under this chapter, at least once a year the Secretary shall review the rate of early defaults and claims for insured single family mortgages originated or underwritten by each mortgagee.
**(b) Comparison with other mortgagees** For each mortgagee, the Secretary shall compare the rate of early defaults and claims for insured single family mortgage loans originated or underwritten by the mortgagee in an area with the rate of early defaults and claims for other mortgagees originating or underwriting insured single family mortgage loans in the area. For purposes of this section, the term “area” means each geographic area in which the mortgagee is authorized by the Secretary to originate insured single family mortgages.
**(c) Termination of mortgagee origination approval**
(1) Notwithstanding [section 1708(c) of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1708/c&num=0&edition=prelim), the Secretary may terminate the approval of a mortgagee to originate or underwrite single family mortgages if the Secretary determines that the mortgage loans originated or underwritten by the mortgagee present an unacceptable risk to the insurance funds. The determination shall be based on the comparison required under subsection (b) and shall be made in accordance with regulations of the Secretary. The Secretary may rely on existing regulations published before this section takes effect.
(2) The Secretary shall give a mortgagee at least 60 days prior written notice of any termination under this subsection. The termination shall take effect at the end of the notice period, unless the Secretary withdraws the termination notice or extends the notice period. If requested in writing by the mortgagee within 30 days of the date of the notice, the mortgagee shall be entitled to an informal conference with the official authorized to issue termination notices on behalf of the Secretary (or a designee of that official). At the informal conference, the mortgagee may present for consideration specific factors that it believes were beyond its control and that caused the excessive default and claim rate.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Conveyance and assignment by mortgagee after foreclosure; debentures and certificates of claim; cost of foreclosure** In any case in which the mortgagee under a mortgage insured under [section 1750b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750b&num=0&edition=prelim) shall have foreclosed and taken possession of the mortgaged property, in accordance with regulations of, and within a period to be determined by, the Secretary, or shall, with the consent of the Secretary, have otherwise acquired such property from the mortgagor after default, the mortgagee shall be entitled to receive the benefit of the insurance as hereinafter provided, upon (1) the prompt conveyance to the Secretary of title to the property which meets the requirements of rules and regulations of the Secretary in force at the time the mortgage was insured, and which is evidenced in the manner prescribed by such rules and regulations; and (2) the assignment to him of all claims of the mortgagee against the mortgagor or others, arising out of the mortgage transaction or foreclosure proceedings, except such claims as may have been released with the consent of the Secretary. Upon such conveyance and assignment the obligation of the mortgagee to pay the premium charges for insurance shall cease and the Secretary shall, subject to the cash adjustment hereinafter provided, issue to the mortgagee debentures having a total face value equal to the value of the mortgage and a certificate of claim, as hereinafter provided. For the purposes of this subsection, the value of the mortgage shall be determined, in accordance with rules and regulations prescribed by the Secretary, by adding to the amount of the original principal obligation of the mortgage which was u
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701z–12
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authorization** In addition to mortgages insured under [section 1750b of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750b&num=0&edition=prelim), the Secretary is authorized to insure mortgages as defined in [section 1750 of this title](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title12-section1750&num=0&edition=prelim) (including advances on such mortgages during construction) which are eligible for insurance as hereinafter provided.
**(b) Eligibility requirements; release of part of property** To be eligible for insurance under this section a mortgage shall meet the following conditions:
(1) The mortgaged property shall be held by a mortgagor approved by the Secretary. The Secretary may, in his discretion, require such mortgagor to be regulated or restricted as to rents or sales, charges, capital structure, rate of return, and methods of operation. The Secretary may make such contracts with, and acquire for not to exceed $100 stock or interest in any such mortgagor, as the Secretary may deem necessary to render effective such restriction or regulation. Such stock or interest shall be paid for out of the General Insurance Fund, and shall be redeemed by the mortgagor at par upon the termination of all obligations of the Secretary under the insurance.
(2) The mortgage shall involve a principal obligation in an amount—
(A) not to exceed $5,000,000; and
(B) not to exceed 90 per centum of the amount which the Secretary estimates will be the value of the property or project when the proposed improvements are completed: Provided, That such mortgage shall not in any event exceed the amount which the Secretary estimates will be the cost of the completed physical improvements on the property or project
Source: Supplied U.S. Code snapshot — release unconfirmed · 12 U.S.C. § 1701z–16
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Federal law — U.S. Code and appendices · legal_authorities
Page 846
TITLE 12—BANKS AND BANKING
§ 1750
Section 1749bbb–15, act June 27, 1934, ch. 847, title XII,
§ 1245, formerly § 1235, as added Pub. L. 90–448, title XI,
§ 1103, Aug. 1, 1968, 82 Stat. 565; amended Pub. L. 91–152,
title IV, § 407, Dec. 24, 1969, 83 Stat. 396; renumbered
§ 1245, Pub. L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84
Stat. 1789; amended Pub. L. 98–181, title I [title IV,
§ 452(b)(1)], Nov. 30, 1983, 97 Stat. 1230, related to study
of reinsurance and other programs, and report to the
President and Congress.
Section 1749bbb–16, act June 27, 1934, ch. 847, title XII,
§ 1246, formerly § 1236, as added Pub. L. 90–448, title XI,
§ 1103, Aug. 1, 1968, 82 Stat. 565; renumbered § 1246, Pub.
L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789;
amended Pub. L. 98–181, title I [title IV, § 452(b)(1)], Nov.
30, 1983, 97 Stat. 1230, related to other studies and co-
operation with State insurance authorities and private
insurance industry.
Section 1749bbb–17, act June 27, 1934, ch. 847, title XII,
§ 1247, formerly § 1237, as added Pub. L. 90–448, title XI,
§ 1103, Aug. 1, 1968, 82 Stat. 566; renumbered § 1247, Pub.
L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789;
amended Pub. L. 98–181, title I [title IV, § 452(b)(1), (4)],
Nov. 30, 1983, 97 Stat. 1230; Pub. L. 98–479, title II,
§ 202(a)(2), Oct. 17, 1984, 98 Stat. 2228, related to general
powers of Director.
Section 1749bbb–18, act June 27, 1934, ch. 847, title XII,
§ 1248, formerly § 1238, as added Pub. L. 90–448, title XI,
§ 1103, Aug. 1, 1968, 82 Stat. 566; renumbered § 1248, Pub.
L. 91–609, title VI, § 602(d), Dec. 31, 1970, 84 Stat. 1789;
amended Pub. L. 98–181, title I [title IV, § 452(b)(1)], Nov.
30, 1983, 97 Stat. 1230, related to utilization of services
Source: Supplied 2024 U.S. Code historical extraction · 12 U.S.C. § 1750b
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